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In: Accounting

1. Daigne and Ohle have been in a long-term, non-married, non-traditional relationship. Daigne wants to make...

1. Daigne and Ohle have been in a long-term, non-married, non-traditional relationship. Daigne wants to make sure that if he dies first, Ohle will be provided for. Which of the following would you be likely to recommend to fulfill Daigne’s goal of transferring assets to Ohle at Daigne’s death?

a. Name Ohle as the beneficiary of Daigne’s retirement plan.

b. Transfer the ownership of Daigne’s real estate investments into a Tenancy by the Entirety arrangement.

c. Advise Daigne against writing a will that specifically bequeaths assets to Ohle.

d. Recommend that Daigne and Ohle move to a community property state that recognizes same sex marriage.

2. Which of the following documents empowers an administrator to act as the agent of a probate court?

a. A Surety Bond.

b. Letters of Administration.

c. Letters Testamentary.

d. Intestacy Laws.

3-Which of the following assets will pass through probate?

a. A life insurance policy with a named beneficiary.

b. Assets held in an inter vivos trust.

c. A pay-on-death account with a named beneficiary.

d. Household goods left to family members via a side letter

4- Which of the following is not a method to transfer property outside of probate?

a. State contract law.

b. State intestacy law.

c. State property titling law with survivorship feature.

d. State trust law.

5- Cate owns the following property:

• A personal residence titled as sole ownership fee simple valued at $400,000.

• A $500,000 life insurance policy on her own life. The named beneficiary is Cate’s brother James, who died 6 months ago leaving two children, Michael and Carol.

• A car valued at $20,000 titled JTWROS with Cate’s mother.

• An IRA valued at $200,000 with Cate’s mother as the named beneficiary.

What is the current value of Cate’s probate estate?

a. $400,000.

b. $900,000.

c. $920,000.

d. $1,320,000.

6- You are reviewing the group benefit plan statements of two married clients. You notice that they have designated each other as beneficiary of their respective group life insurance coverage. Their wills call for the establishment of a testamentary trust upon the first death. How should they proceed?

a. The group insurance proceeds are subject to probate.

b. Discuss whether there is adequate funding for the testamentary trusts.

c. Advise the purchase of additional personal life insurance coverage with a spousal beneficiary designation for both of them.

d. Suggest the establishment of an inter vivos trust.

7- Joe appointed his son, Mike, age 30, as his power of attorney for all property. Joe recently passed away leaving a sizable estate which includes a number of investment accounts, real estate and retirement plans. His will names his wife, Lisa, age 65, as his sole executrix and calls for an outright distribution to her. Lisa is unsure if she wants this responsibility. Which of the following options are available to Lisa?

a. Have Mike manage Joe’s property under the power of attorney.

b. Establish a testamentary spousal trust to hold the assets for her.

c. Hire professional advisors to help her to administer the estate.

d. Appoint Mike as the executor.

8- The estate of a person who dies without a will is distributed according to:

a. Federal law.

b. Oral instructions left by the person before their death.

c. State law.

d. Local ordinance.

9- Which of the following statements is false?

a. A person dying without a will is known to have died interstate.

b. Probate is open to public scrutiny.

c. An heir is a person receiving from a probate without a will.

d. A legatee nay be specific, realty or personalty or the universal legatee (takes the rest).

10- Which of the following items is includible in a person’s probate estate?

a. Retirement assets with a named beneficiary.

b. A closely held business interest.

c. Lifetime transfers by gift made by the decedent.

d. Proceeds of life insurance owned by the deceased with a named beneficiary.

Expert Solution

as per policy first four question will be answered

1. option A

Explanation

(option b is wrong because Daigne and Ohle cannot own property in tenancy by the entirety becasue they are not married. option C is wrong because Daigne should write a will that specifically bequeaths property to ohle to have that property. option d is wrong because even if Daigne and Ohle moved to a community property state, they would likely to subject to the community property regime because they are not married).

2. option b. Letters of Administration

explanation:

(option a is the bond that an administrator must generally post.

option C is what empowers an executor to act as the agent of probate court

option d describes the state laws that govern the dispositon of a decendent's estate if he has failed to prepare a valid will.)

3. option d. Household goods left to family members via a side letter

explanation:

(all other options describes assets that do not pass through probate)

4. answer is b. State intestacy law.

explanation

(property transferred throught the state intestacy law will pass through probate).

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